The TI Oceania supertanker which is being used by oil trading house Vitol to store oil until the commodity’s price rises. Overseas Shipholding Group The supertanker TI Oceania was built to ferry vast quantities of oil across oceans, but for the next year it is expected to remain anchored off the coast of Singapore, storing millions of barrels of oil for Vitol SA, a giant trading house. According to shipbrokers and analysts, the 3-million-barrel megaship—one of the largest in the world—is just one example of efforts by traders to turn a profit in the slumping global oil market . The strategy is simple: buy and store oil at cheap prices now , selling futures contracts to lock in the higher oil prices expected later. “It is one of the easy ways to make money and that’s one of the interesting things about it from a trading perspective: It’s […]